The value relevance of accounting disclosures among listed Nigerian firms: IFRS adoption

Abubakar, S. (2015). Intangible assets and value relevance of accounting information of listed High-Tech firms in Nigeria. Research Journal of Finance and Accounting, 6(11), 60–79.
Adaramola, A. O., & Oyerinde, A. A. (2014). Value relevance of financial accounting information of quoted companies in Nigeria: A trend analysis. Research Journal of Finance and Accounting, 5(8), 86–94.
Al-Hares, O. M., AbuGhazaleh, N. M., & Haddad, A. E. (2012). Value relevance of earnings, book value and dividends in an emerging capital market: Kuwait evidence. Global Finance Journal, 23(3), 221–234. http://doi.org/10.1016/j.gfj.2012.10.006.
Amir, E., Harris, T., & Venuti, E. (1993). A comparison of the value-relevance of US versus non-US GAAP accounting measures using form 20-F reconciliations. Journal of Accounting Research, 31(3), 230–264. http://doi.org/10.2307/2491172.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159–178.
Ball, R., Kothari, S. P., Robin, A., Ny, R., Biddle, G., Collins, D., … Watts, R. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics, 9(1), 1–51.
Balsam, S., Krishnan, J., & Yang, J. S. (2003). Auditor industry specialization and earnings quality. Auditing, 22(2), 71–97. http://doi.org/10.2308/aud.2003.22.2.71.
Barth, M. E. (1994). Value accounting: Evidence from investment securities and the market valuation of banks. The Accounting Review, 69(1), 1–25. http://doi.org/10.2307/248258.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996a). Value-relevance of banks’ fair value disclosures under SFAS No. 107. Accounting Review. http://doi.org/10.2307/248569.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996b). Value-relevance of banks’ fair value disclosures under No. 107. The Accounting Review, 71(4), 513–537.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996c). Value-Relevance of banks’ fair Value Disclosures under No. 107. The Accounting Review, 71(4), 513–537. http://doi.org/10.2307/248569.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: Another view. Journal of Accounting and Economics, 31(1-3), 77–104. http://doi.org/10.1016/S0165-4101(01)00019-2.

Barth, M. E., & Clinch, G. (1996). International accounting differences and their relation to share prices: Evidence from U.K., australian, and canadian firms. Contemporary Accounting Research, 13(1), 135–170. http://doi.org/10.1111/j.1911-3846.1996.tb00495.x.
Barth, M. R., Braver, W. H., Hand, J. M., & Landsman, W. R. (1999). Accruals, cash flows, and equity values. Review of Accounting Studies, 4(3), 205–229. http://doi.org/10.1111/j.1468-5957.2006. 01425.x.
Beisland, L. A. (2009). A review of the value relevance literature. The Open Business Journal, 2(1), 7–27. http://doi.org/10.2174/ 1874915100902010007.
Callao, S., Jarne, J. I., & Laínez, J. a. (2007). Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting. Journal of International Accounting, Auditing and Taxation, 16(2), 148–178. http://doi.org/10.1016/j.intaccaudtax.2007.06.002.
Chebaane, S., & Othman, H. Ben. (2014). The Impact of IFRS adoption on value relevance of earnings and book value of equity: The case of emerging markets in African and Asian regions. Procedia - Social and Behavioral Sciences, 145(November 2015), 70–80. http://doi.org/ 10.1016/j.sbspro.2014.06.012
Chen, C. J., Chen, S., & Su, X. (2001). Is accounting information value-relevant in the emerging Chinese stock market?. Journal of International Accounting, Auditing and Taxation, 10(1), 1–22. http://doi.org/10.1016/S1061-9518(01)00033-7.
Chiu, T. T., & Lee, Y. J. (2013). Foreign private issuers’ application of ifrs around the elimination of the 20-f reconciliation requirement. International Journal of Accounting, 48(1), 54–83. http://doi.org/10.1016/j.intacc.2013.01.006.
Chow, G. C. (1960). Tests of equality between sets of coefficients in two linear regressions. Econometrica, 28(3), 591–605. http://doi.org/10.2307/1910133.
Christensen, H. B., Hail, L., & Leuz, C. (2013). Mandatory IFRS reporting and changes in enforcement. Journal of Accounting and Economics, 56(2–3), 147–177. http://doi.org/10.1016/j.jacceco.2013.10.007.
Clarkson, P., Hanna, J. D., Richardson, G. D., & Thompson, R. (2011). The impact of IFRS adoption on the value relevance of book value and earnings. Journal of Contemporary Accounting and Economics, 7(1), 1–17. http://doi.org/10.1016/j.jcae.2011.03.001.

Collins, D. W., Edward, L. M., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics, 24(1), 39–67. http://doi.org/10.1016/S0165-4101(97)00015-3
De George, E. T., Ferguson, C. B., & Spear, N. A. (2013). How much does IFRS cost? IFRS adoption and audit fees. Accounting Review, 88(2), 429–462. http://doi.org/10.2308/accr-50317.
Dontoh, N. A., Radhakrishnan, S., & Ronen, N. J. (2004). The declining value-relevance of accounting information and non-information-based trading: An empirical analysis. Contemporary Accounting Research, 21(4), 795–812. http://doi.org/10.1506/j6p4-2uyp-hfxy-rbt1.
Easton, P. D., & Harris, T. S. (1991). Earnings as an explanatory variable for returns. Journal of Accounting Research, 29(1), 19–36. http://doi.org/10.2307/2491026.
Ernest, O., & Oscar, M. C. (2014). The comparative study of value relevance of financial information in the nigeria banking and petroleum sectors. oshodin Ernest and mgbame Chijoke oscar accounting department, faculty of management sciences, University of Benin, Nigeria. Journal of Business Studies Quarterly, 6(1).
Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance?. Journal of Accounting Research, (2000), 1–4. Retrieved from http://www.jstor.org/stable/2490891.
Gjerde, Ø., Knivsflå, K., & Sættem, F. (2011). The value relevance of financial reporting in Norway 1965-2004. Scandinavian Journal of Management, 27(1), 113–128. http://doi.org/10.1016/ j.scaman.2010.08.001.
Gordon, E. a. (2001). Accounting for changing prices: The value relevance of historical cost, price level, and replacement cost accounting in mexico. Journal of Accounting Research, 39(1), 177–200. http://doi.org/10.1111/1475-679X.00008.
Graham, R., King, R., & Bailes, J. (2000). The value relevance of accounting information during a financial crisis: Thailand and the 1997 decline in the value of the baht. Journal of International Financial Management and Accounting, 11(2), 84–107. http://doi.org/10.1111/1467-646X.00057.
Green, J., Stark, A., & Thomas, H. (1996). UK evidence on the market valuation of research and development expenditures. Journal of Business Finance & Accounting, 23(March), 191-216. http://doi.org/10.1111/j.1468-5957.1996.tb00906.x.
Harris, T. S., Lang, M., & Möller, P. H. (1994). The value relevance of german accounting measures: An empirical analysis. Journal of Accounting Research, 32(2), 187–209. http://doi.org/10.2307/2491281.

Hellstrom, K. (2006). The Value relevance of financial accounting information in a transition economy: The case of the Czech Republic. European Accounting Review, 15(3), 325–349. http://doi.org/10.1080/09638180600916242.
Henry, E., Lin, S., & Yang, Y. W. (2009). The European-U.S. “GAAP Gap”: IFRS to U.S. GAAP form 20-F reconciliations. Accounting Horizons, 23(2), 121–150. http://doi.org/10.2308/acch.2009.23.2.121.
Horton, J., & Serafeim, G. (2010). Market reaction to and valuation of IFRS reconciliation adjustments: First evidence from the UK. Review of Accounting Studies, 15(4), 725–751. http://doi.org/10.1007/s11142-009-9108-5.
Huian, M. C. (2015). Impact of the IFRS adoption on financial assets and liabilities, empirical evidence from bucharest stock exchange. Review of Economic and Business Studies, 8(2). http://doi.org/10.1515/rebs-2016-0004
Ioannis, T., & Dionysia, D. (2014). Value relevance of IFRS mandatory disclosure requirements. Journal of Applied Accounting Research, 15(1), 22–42. http://doi.org/10.1108/09574090910954864.
Ohlson, J. (1995). Earnings, book-values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661–687.
Jermakowicz, E. K., Prather-Kinsey, J., & Wulf, I. (2007). The value relevance of accounting income reported by DAX-30 German companies. Journal of International Financial Management and Accounting, 18(3), 151–191. http://doi.org/10.1111/j.1467-646X. 2007.01011.x.
Jianwei, L., & Liu, C. (2007). Value relevance of accounting information in different stock market segments: The case of Chinese A-, B-, and H-Shares. Journal of International Accounting Research, 1(2), 220.
Kabir, M. H., Laswad, F., & Islam, M. A. (2010). Impact of IFRS in New Zealand on accounts and earnings quality. Australian Accounting Review, 20(4), 343–357. http://doi.org/10.1111/j.1835-2561.2010.00106.x.
Kadri, M. H., Aziz, R. A., & Ibrahim, M. K. (2009). Value relevance of book value and earnings: Evidence from two different financial reporting regimes. Journal of Financial Reporting and Accounting, 7(1), 1–16. http://doi.org/10.1108/19852510980000638.

Kadri, M. H., Ibrahim, M. K., & Aziz, R. A. (2010). Value relevance of aggregated vs disaggregated book value and earnings: Evidence from Malaysian high-tech firms. Malaysian Accounting Review, 9(1), 1–17.
Kargin, S. (2013). The impact of IFRS on the value relevance of accounting information: Evidence from Turkish firms. International Journal of Economics and Finance, 5(4), 71–81. http://doi.org/10.5539/ ijef.v5n4p71.
Kargin, S. (2013). The impact of IFRS on the Value relevance of accounting information: Evidence from Turkish firms. International Journal of Economics and Finance, 5(4), 71–80. http://doi.org/10.5539 /ijef.v5n4p71.
Karunarathne, W. V. D. A., & Rajapakse, R. M. D. A. P. (2010). The value relevance of financial statements’ information: With special reference to the listed companies in Colombo Stock exchange. ICBI 2010 - University of Kelaniya, Sri Lanka, 1–20. Retrieved from http://www.kln.ac.lk/uokr/ICBI2010/42.pdf.
Khurana, I. K., & Kim, M.-S. (2003). Relative value relevance of historical cost vs. fair value: Evidence from bank holding companies. Journal of Accounting and Public Policy, 22(1), 19–42. http://doi.org/10.1016/S0278-4254(02)00084-4
Kim, O. (2013). Russian accounting system: Value relevance of reported information and the IFRS adoption perspective. International Journal of Accounting, 48(4), 525–547. http://doi.org/10.1016/ j.intacc.2013.10.007.
Kothari, S. P., & Zimmerman, J. L. (1995). Price and return models. Journal of Accounting and Economics, 20(2), 155–192. http://doi.org/10.1016/0165-4101(95)00399-4.
Liu, C., Yao, L. J., & Yao, M. Y. M. (2012). Value relevance change under international accounting standards: An empirical study of peru. Review of Pacific Basin Financial Markets & Policies, 15(2), 1150008–1150017. http://doi.org/10.1142/S0219091511500081.
Lopes, A. B. (2002). The value relevance of brazilian accounting numbers: An empirical investigation Alexsandro. University of Sao Paulo, Department of Accounting.
Mann, H. B., & Whitney, D. R. (1947). On a Test of whether one of two random variables is stochastically larger than the other. The Annals of Mathematical Statistics, 18(1), 50–60. http://doi.org/10.1214/aoms/ 1177730491.
Mechelli, A., & Cimini, R. (2014). Is comprehensive income value relevant and does location matter? A European study. Accounting in Europe, 11(1), 59–87. http://doi.org/10.1080/17449480.2014.890777.

Mironiuc, M., Carp, M., & Chersan, I.-C. (2015). The relevance of financial reporting on the performance of quoted Romanian companies in the context of adopting the IFRS. Procedia Economics and Finance, 20(15), 404–413. http://doi.org/10.1016/S2212-5671(15)00090-8.
Mohammed, Y. A., & Lode, N. A. (2012a). Efforts and challenges in adopting International Financial Reporting Standards (IFRS) in Nigeria. Journal of Business Management and Accounting, 2(2), 81–100.
Mohammed, Y. A., & Lode, N. A. (2012b). Value relevance of asset and liabilities among Nigerian financial institutions. Journal of Business and Management and Accounting, 2(2), 81–100.
Mohammed, Y. A., & Lode, N. A. (2015a). The Value relevance of accounting disclosures among Nigerian financial institutions after the IFRS Adoption. Mediterranean Journal of Social Sciences, 6(1), 409–418. http://doi.org/10.5901/mjss.2015.v6n1p409.
Mohammed, Y. A., & Lode, N. A. (2015b). The Value relevance of accounting disclosures among Nigerian financial institutions after the IFRS Adoption. Research Journal of Finance and Accounting, 6(1), 409–418. http://doi.org/10.5901/mjss.2015.v6n1p409.
Muhammad, M. B., Kamarul, B. B. A. M., & Ishak, R. B. (2015). Relative and incremental value relevance of equity and earnings in the Nigerian financial industry after mandatory adoption of International Financial Reporting Standard (IFRS). Advanced Science Letters, 21(6), 1927–1930.
Muhammad, Y. A., & Lode, N. A. (2015). Value relevance of liabilities and non-performing loans in emerging market: IFRS adoption in Nigeria. Advanced Science Letters, 21(6), 2015–2019. http://doi.org/10.1166/asl.2015.6190.
Mulenga, M. J. (2015). Value relevance of accounting information of listed public sector banks in Bombay stock exchange. Research Journal of Finance and Accounting, 6(8), 222–232.
Nelson, K. K. (1996). Fair value accounting for commercial banks: An empirical analysis of SFAS No. 107. Accounting Review, 71(2), 161–182.
NSE (2013). Amendments to the listings rules. Published by Nigerian Security and Echange Commmission.
Okafor, O. N., Mark, A., & Hussein, W. (2016). FRS and value relevance: Evidence based on Canadian adoption. International Journal of Managerial Finance, 12(2), 136–160.

Oladipupo, O. F. (2010). The crash of Nigerian capital market: Explanations beyond the global meltdown. International Business Management, 4(2), 35–40.
Omokhudu, O. O., & Ibadin, P. O. (2015a). Incremental value relevance of disaggregated book values and disaggregated earnings: Evidence from Nigeria. Accounting and Finance Research, 4(3), 20–30. http://doi.org/10.5430/afr.v4n3p20.
Omokhudu, O. O., & Ibadin, P. O. (2015b). The value relevance of accounting information: Evidence from Nigeria. Accounting and Finance Research, 4(3), 20–30. http://doi.org/10.5430/afr.v4n3p20.
Onalo, U., Lizam, M., Kaseri, A., & Ugbede, O. (2014). The quality of banks financial statement information: European Journal of Business and Social Sciences, 3(8), 243–255.
Oswald, D. R. (2008). The determinants and value relevance of the choice of accounting for research and development expenditures in the United Kingdom. Journal of Business Finance and Accounting, 35(1–2), 1–24. http://doi.org/10.1111/j.1468-5957.2007.02060.x.
Păşcan, I.-D. (2015). Measuring the effects of IFRS adoption on accounting quality: A review. Procedia Economics and Finance, 32(15), 580–587. http://doi.org/10.1016/S2212-5671(15)01435-5.
Peter, E., & Nnorom, N. (2013). Reforms, stiff regulations buoy capital market activities in 2013. www.vanguarngr.comd/2013/12/, pp. 1–36.
Pourheydari, O. (2008). The pricing of dividends and book value in equity valuation: The case of Iran. International Research Journal of Finance and Economics, 2008(13), 7-17.
Prather-Kinsey, J., & Shelton, S. W. (2005). IAS versus U.S. GAAP: Assessing the quality of financial reporting in South Africa, the United Kingdom, and the United States. Advances in International Accounting, 188, 153-168. http://doi.org/10.1016/S0897-3660(05)18008-8.
Rao, A. (2014). Effect of IFRS on the emerging African capital markets. Journal of Applied Financial Research, 2(3), 34–71.
Sanusi, L. S. (2010). The Nigerian Banking Industry: what went wrong and the way forward. Governor, Central Bank of Nigeria. CBN - Governor’s Speech, 1-23.
Schadewitz, H., & Vieru, M. (2007). How market evaluates and response to IFRS reconciliation adjustments in Finland. Working Paper, University Oulu Finland.

Suadıye, G. (2012). Value relevance of book value & earnings under the local GAAP and IFRS: Evidence from Turkey. Yerel Muhasebe Standartlarına ve UFRS’ye Göre Hazırlanan Kar ve Özkaynak Rakamlarının Hisse Senedi Fiyatlarına Yansıması: Türkiye Örneği., 12(3), 301–310. Retrieved from http://search.ebscohost.com /login.aspx?direct=true&db=bth&AN=79547002&site=ehost-live.
Tanko, M. (2012). The effect of international financial reporting standards (IFRS) adoption on the performance of firms in Nigeria. Journal of Administrative and Economic Sciences, 5(2), 133–157.
Teoh, S. H., & Wong, T. J. (1993). Perceived auditor quality and the earnings response coefficient. The Accounting Review, 68(2), 346–366. http://doi.org/10.2307/248405.
The World Bank. (2011). Report on the observance of standards and codes(ROSC). Retrieved from http://www.worldbank.org/ifa/ rosc_aa_nigeria_2011.pdf.
Tsalavoutas, I., André, P., & Evans, L. (2012). The transition to IFRS and the value relevance of financial statements in Greece. The British Accounting Review, 44(4), 262–277. http://doi.org/10.1016/ j.bar.2012.09.004.
Tsalavoutas, I., & Dionysiou, D. (2014). Value relevance of IFRS mandatory disclosure requirements. Journal of Applied Accounting Research, 15(1), 22–42. http://doi.org/10.1108/JAAR-03-2013-0021.
Tsoligkas, F., & Tsalavoutas, I. (2011). Value relevance of R&D in the UK after IFRS mandatory implementation. Applied Financial Economics, 21(13), 957–967. http://doi.org/10.1080/09603107.2011.556588.
Umoren, A. O., & Enang, E. R. (2015). IFRS adoption and value relevance of financial statements of Nigerian listed banks. International Journal of Finance and Accounting, 4(1), 1–7. http://doi.org/10.5923/j.ijfa.20150401.01.
Uthman, A. B., & Abdul-baki, Z. (2014). The value-relevance of accounting information in Nigeria: analysts’ perception in the IFRS regime. Journal of Accounting and Managements, 4(1), 43–60.
Venkatachalam, M. (1996). Value-relevance of banks’ derivatives disclosures. Journal of Accounting and Economics, 22(1–3), 327–355. http://doi.org/10.1016/S0165-4101(96)00433-8.
Vijitha, P., & Nimalathasan, B. (2014). Value relevance of accounting information and share price: A study of listed manufacturing 

companies in Sri Lanka. Merit Research Journal of Business and Management, 2(1), 1–6.
White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48(4), 817–838. http://doi.org/10.2307/1912934.
Wilcoxon, F. (1946). Individual comparisons of grouped data by ranking methods. Journal of Economic Entomology, 39(6), 269. http://doi.org/10.2307/3001968.
Yahaya, O. A., Yusuf, M. J., & Dania, I. S. (2015). International financial reporting standards’ adoption and financial statement effects: Evidence from listed deposit money banks in Nigeria. Research Journal of Finance and Accounting, 6(12), 107–123.